President Goodluck Jonathan, this afternoon, presented the proposed 2012 budget to the joint session of the National Assembly.
The proposed 2012 budget stands at N4.749 Trillion naira, representing about 6 percent increase over the N4.48 Trillion in 2011.
The petroleum subsidy allocation was not included in the budget further confirming that subsidies on petrol will likely be abolished by this month, sending prices of petrol to figures in the region of between N140-N150 per litre from the current N65 per litre.
The House will now deliberate on the proposal and return the proposal to the President after their deliberations.
While delivering his speech before the presentation, Jonathan said that "the 2011 elections, the inauguration of the new administration as well as constitutional amendment processes, all affected the full implementation of the 2011 budget" He also said "the 2012 budget will be a stepping stone to Nigeria's transformation".
Speaking earlier on the determination of the National Assembly to ensure the full implementation of the 2012 budget through their oversight functions, Senate President David Mark remarked that Nigeria has "what it takes to be a world power, but we have never really tasked ourselves in this regard."
The 2012 Fiscal year budget breakdown:
Capital Expenditure: N1.32 Trillion
Recurrent (non debt) Expenditure: N2.472 Trillion
Statutory Transfer: N398 Billion
Debt servicing: N560 Billion
Other sectors
Security: N921.91 Billion
Power: N161.42 Billion
Works: N180.8 Billion
Education: N400.15 Billion
Health: N282.77 Billion
Agriculture: N78.98 Billion
Water Resources: N39 Billion
Petroleum Resources: N59.66 Billion
Aviation: N49.23 Billion
Transportation: N54.8 Billion
Land and Housing: N24.9 Billion
Niger Delta: N59.7 Billion
Science and Tech: N30.84 Billion
FCT : N45.59 Billion
Communication and ICT: N18.31 Billion "The 2011 elections, the inauguration of the new administration as well as constitutional amendment processes, all affected the full implementation of the 2011 budget...the 2012 budget will be a stepping stone to Nigeria's transformation". President Jonathan
DailyTrust